Bitcoin IG Client Sentiment: Our data shows traders are now at their most net-long Bitcoin since Dec 18 when Bitcoin traded near 7,269.23.

Number of traders net-short has decreased by 25.34% from last week.

Bitcoin: Retail trader data shows 88.65% of traders are net-long with the ratio of traders long to short at 7.81 to 1. Our data shows traders are now at their most net-long Bitcoin since Dec 18 when Bitcoin traded near 7,269.23. The number of traders net-long is 4.71% higher than yesterday and 5.22% higher from last week, while the number of traders net-short is 9.84% lower than yesterday and 25.34% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall.

Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.